As part of their strategy to enhance the Island’s reputation for digital innovation, the Isle of Man, a self-governing British dependency, will soon be opening the doors of its new Blockchain Office, a research, education and consultancy hub for crypto entrepreneurs and regulators.
This forms part of a new commitment from the island to become an international hub for blockchain businesses. The authorities stated that they will not regulate blockchain in isolation, giving businesses the flexibility to best use this emerging and transformative technology.
The primary function of the Blockchain Office will be to facilitate a dialogue between businesses and regulators, and to help platforms design and future-proof their concepts in accordance with relevant legislation and regulation. It will also provide expertise, guidance and marketing support, as well as facilitate and encourage collaboration between companies.
Isle Of Man Blockchain Partnership Through Sandbox Facility
Information on Digital Isle of Man’s webpage states that the Blockchain Office would encourage collaboration through a sandbox facility, aligning regulation with the development of the sector. As well as running its own sandbox, the office would maintain connections with other jurisdictions’ sandboxes. This would not only offer benefits to companies and customers alike, mitigating any potential negative consequences, but would also promote healthy competition and innovation in the digital economy
Businesses will be able to apply to participate in the Isle of Man Blockchain Sandbox and applications will be open from March 2019, with the office fully functional in the spring. Early participants will not be charged fees for the facility, which will provide them with access to an environment where they can develop and test blockchain platforms.
“With the launch of the Blockchain Office and Sandbox, the Isle of Man is making a firm commitment to be a fully supportive jurisdiction for the blockchain industry,” said Lyle Wraxall, CEO of Digital Isle of Man. “We are looking to attract premium blockchain businesses and the world’s top exchanges to the Island, and we will be creating new tech-agnostic regulation inspired by best practice that we’ve seen from other high-quality jurisdictions around the world”.